Muncie-based First Merchants Corp. (Nasdaq: FRME) is reporting record second quarter net income of $24.1 million, up from $20 million during the same period last year. The results reflect the recent $82 million acquisition of Ohio-based The Arlington Bank.
First Merchants also hit a record on net income year-to-date at $47.3 million, compared to $37.7 million in 2016.
"Our momentum in organic growth and franchise expansion through acquisitions is very fulfilling," said Rechin. "The quarter was very productive, including margin expansion, efficiency gains and leadership team additions. Our focus for the remainder of the year includes successful execution of our two upcoming integrations and welcoming new First Merchants’ clients to the same level of excellent service that our client base has come to expect."
Earlier this month, First Merchants announced the closing of its merger with Fort Wayne-based Independent Alliance Banks Inc. The bank expects the integration of iAB to be complete in the fourth quarter.